Peter Smith
The EUR/USD currency pair is showing signs of a bullish recovery after finding strong support near the 1.15300–1.15500 zone. A sharp rejection from this demand area has propelled the euro higher, offering renewed optimism to buyers ahead of the New York session. Technical traders are now watching for a potential continuation toward key resistance levels.
EUR/USD Price Bounces from Demand Zone Near 1.15300
Following a significant downward move, EUR/USD found support within the 1.15300–1.15500 range, marked by a shaded rectangle on the 30-minute chart. This area acted as a strong demand zone, where buyers stepped in to absorb selling pressure.
The price quickly rebounded, pushing up to 1.16039 at the time of writing. The structure now suggests a possible shift in market sentiment, with higher lows and an early bullish reaction indicating momentum is building on the long side.
Bullish Momentum Eyes Resistance at 1.16800 and Beyond
If the upward trend continues, the next key resistance for EUR/USD lies at 1.16716, with a potential extension to 1.16885, where previous highs were rejected. A breakout above these levels could open the door to further gains in the near term.
As price consolidates above the 1.16000 handle, traders will be looking for confirmation of trend continuation through bullish price action during the upcoming U.S. session.
Peter Smith
